Looks like Michael busted the bubble. Any fixture in the industry may very well vehemently disagree with the article and bet your bottom dollars hedge funds quants will. Thanks Michael for standing up for the retail traders and explaining! Michael tells the truth.
Yeah, I am involved in that one vicariously through a dual citizen buddy of mine who is actually doing some real arbitrage to get money out of the country via crypto, interesting stuff. There's a significant counterparty risk there that's difficult to quantify for me though.
No, it more like swaps when you have inputs to your process you have to pay in one currency and proceeds from sales in another currency combined with currency controls which you can use to take advantage of the price distortions caused by the currency controls. It requires some real sales on both sides of the divide, so not just a series of brokerage/crypto accounts...he has to work for it.